Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34 Filing Table of Contents
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6: EX-10.5 Material Contract HTML 178K
7: EX-10.6 Material Contract HTML 76K
8: EX-10.7 Material Contract HTML 67K
9: EX-31.1 Certification -- §302 - SOA'02 HTML 33K
10: EX-31.2 Certification -- §302 - SOA'02 HTML 33K
11: EX-32.1 Certification -- §906 - SOA'02 HTML 29K
46: R1 Cover Page HTML 78K
80: R2 Unaudited Consolidated Statements of Income HTML 79K
68: R3 Unaudited Consolidated Statements of Comprehensive HTML 68K
Income
23: R4 Consolidated Balance Sheets HTML 118K
45: R5 Consolidated Balance Sheets (Parenthetical) HTML 41K
79: R6 Unaudited Consolidated Statements of Cash Flows HTML 112K
67: R7 Unaudited Consolidated Statements of Changes in HTML 105K
Equity
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Equity (Parenthetical)
47: R9 Basis of Presentation and Summary of Significant HTML 42K
Accounting Policies
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59: R12 Goodwill and Other Intangible Assets HTML 79K
70: R13 Leases HTML 224K
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71: R17 Share-Based Awards and Stock Options HTML 95K
44: R18 Earnings Per Share HTML 44K
19: R19 Accumulated Other Comprehensive Loss HTML 92K
57: R20 Segment Information HTML 100K
86: R21 Commitments and Contingencies HTML 32K
37: R22 Basis of Presentation and Summary of Significant HTML 50K
Accounting Policies (Policies)
31: R23 Acquisitions (Tables) HTML 141K
58: R24 Revenues (Tables) HTML 201K
87: R25 Goodwill and Other Intangible Assets (Tables) HTML 81K
39: R26 Leases (Tables) HTML 118K
32: R27 Long-Term Debt and Lines of Credit (Tables) HTML 114K
56: R28 Share-Based Awards and Stock Options (Tables) HTML 95K
88: R29 Earnings Per Share (Tables) HTML 43K
74: R30 Accumulated Other Comprehensive Loss (Tables) HTML 89K
62: R31 Segment Information (Tables) HTML 99K
18: R32 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT HTML 31K
ACCOUNTING POLICIES - Narrative (Details)
41: R33 ACQUISITIONS - Narrative (Details) HTML 60K
73: R34 ACQUISITIONS - Total Consideration Transferred HTML 50K
(Details)
61: R35 ACQUISITIONS - Acquisition Date Fair Value of HTML 74K
Assets Acquired and Liabilities Assumed (Details)
17: R36 ACQUISITIONS - Fair Value of Intangible Assets HTML 62K
(Details)
40: R37 ACQUISITIONS - Pro Forma Information (Details) HTML 42K
72: R38 REVENUES - Disaggregation of Revenue (Details) HTML 70K
63: R39 REVENUES - Supplemental Balance Sheet Information HTML 37K
(Details)
83: R40 REVENUES - Narrative (Details) HTML 27K
52: R41 REVENUES - Remaining Performance Obligations HTML 45K
(Details)
30: R42 GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of HTML 49K
Goodwill and Intangible Assets (Details)
36: R43 GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill HTML 49K
Roll-Forward (Details)
82: R44 GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative HTML 27K
(Details)
51: R45 LEASES - Narrative (Details) HTML 54K
29: R46 LEASES - Lease Assets and Liabilities (Details) HTML 55K
35: R47 LEASES - Maturities of Lease Liabilities (Details) HTML 70K
81: R48 LEASES - Future Minimum Payments for Noncancelable HTML 47K
Operating Leases (Details)
53: R49 LONG-TERM DEBT AND LINES OF CREDIT - Summary HTML 72K
(Details)
65: R50 LONG-TERM DEBT AND LINES OF CREDIT - Narrative HTML 219K
(Details)
75: R51 LONG-TERM DEBT AND LINES OF CREDIT - Maturities of HTML 44K
Long-Term Debt (Details)
48: R52 LONG-TERM DEBT AND LINES OF CREDIT - Derivative HTML 38K
Instruments (Details)
24: R53 LONG-TERM DEBT AND LINES OF CREDIT - Effect on HTML 31K
Other Comprehensive Income (Loss) (Details)
66: R54 INCOME TAX - Narrative (Details) HTML 30K
77: R55 SHAREHOLDERS' EQUITY - Narrative (Details) HTML 46K
50: R56 SHARE-BASED AWARDS AND STOCK OPTIONS - Share-Based HTML 30K
Compensation Expense and Income Tax Benefit
(Details)
25: R57 SHARE-BASED AWARDS AND STOCK OPTIONS - Share-Based HTML 54K
Awards (Details)
64: R58 SHARE-BASED AWARDS AND STOCK OPTIONS - Share-Based HTML 39K
Awards Narrative (Details)
78: R59 SHARE-BASED AWARDS AND STOCK OPTIONS - Stock HTML 68K
Option Activity (Details)
33: R60 SHARE-BASED AWARDS AND STOCK OPTIONS - Stock HTML 41K
Options Narrative (Details)
26: R61 SHARE-BASED AWARDS AND STOCK OPTIONS - Valuation HTML 37K
Assumptions (Details)
54: R62 EARNINGS PER SHARE - Summary (Details) HTML 33K
85: R63 ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative HTML 28K
(Details)
34: R64 ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary HTML 51K
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27: R65 SEGMENT INFORMATION - Summary (Details) HTML 64K
55: R66 COMMITMENTS AND CONTINGENCIES - Narrative HTML 30K
(Details)
69: R9999 Uncategorized Items - gpn20190930-10q.htm HTML 27K
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by Global Payments Inc. (the
“Company”) of Performance Units (the “Performance Units”) representing the right to earn, on a one-for-one basis, shares of the Company’s no par value common stock (“Shares”), pursuant to and subject to the provisions of the Global Payments Inc. Amended and Restated 2011 Incentive Plan (the “Plan”) and to the terms and conditions set forth on the following pages of this award certificate (the “Certificate”).
The number of Shares subject to this award is [insert Target Award] (the “Target Award”). If the Company achieves certain synergy targets over the Performance Period related to the Transaction (each as defined herein),
Grantee may earn from 0% to 300%* of the Target Award, in accordance with the matrix attached hereto as Exhibit A and the terms and conditions of this Certificate.
By accepting this Award, Grantee shall be deemed to have agreed to the terms and conditions of this Certificate and the Plan.
IN WITNESS WHEREOF, Global Payments Inc., acting by and through its duly authorized officers, has caused this Certificate to be executed.
* Chief Executive Officer is subject to a maximum payout of 200% of his Target Award.
TERMS AND CONDITIONS
1. Defined Terms. Capitalized terms used herein and not otherwise defined shall have the meanings assigned
to such terms in the Plan. In addition, for purposes of this Certificate:
(i) “Conversion Date” means September 18, 2022, provided that the Committee has previously certified the Company’s achievement of the Synergy Targets, as more fully described in Exhibit A attached hereto.
(ii) “Cost Synergies” or “Cost Synergy” means the aggregate annualized cost savings relating to the Transaction that are achieved by the Company during the Performance
Period, including, without limitation, reductions in personnel and/or elimination of unfilled open positions, reductions in general and administrative expenses, optimization of benefit programs, consolidation of facilities, integration of departments or cost centers, future cost avoidance, elimination or reduction of contractual obligations including any vendor savings, interest expense savings, reductions in income or other tax expenses from tax planning strategies and depreciation savings from rationalizing capital assets and avoided capital expenditures. Synergies shall be calculated on a pre-tax basis and gross of one-time costs relating to the Transaction.
(iii) “Revenue Synergies” or “Revenue Synergy” means the aggregate annualized revenue enhancements (consistent
with the Company’s non-GAAP revenue convention) relating to the Transaction that are achieved by the Company during the Performance Period, including, without limitation, revenue enhancements from pricing initiatives and the cross-selling of products and solutions. Synergies shall be calculated on a pre-tax basis and gross of one-time costs relating to the Transaction.
(v) “Transaction”
means the September 17, 2019 merger between Global Payments Inc. and Total System Services, Inc.
2. Performance Units. The Performance Units have been credited to a bookkeeping account on behalf of Grantee. The Performance Units will be earned in whole, in part, or not at all, as provided on Exhibit A attached hereto. Any Performance Units that fail to vest in accordance with the terms of this Certificate will be forfeited and reconveyed to the Company without further consideration or any act or action by Grantee.
3. Conversion to Shares. Except as otherwise provided in Section 4
below:
(i) fifty percent (50%) of the Performance Units that are earned based on performance (each an “Earned Unit”) will be converted to actual unrestricted Shares (one Share per Earned Unit) on the Conversion Date. These shares will be registered on the books of the Company in Grantee’s name as of the Conversion Date and stock certificates for the Shares shall be delivered to Grantee or Grantee’s designee upon request of the Grantee; and
(ii) the remaining fifty percent (50%) of the Earned Units will be converted to service-based Restricted Stock (one share of Restricted Stock per Earned Unit) on the Conversion Date. Such shares of Restricted Stock will be subject to the terms and conditions set forth in a Restricted Stock Award Certificate in the form attached hereto as Exhibit
B.
4. Termination of Employment. Grantee’s employment agreement or any other similar agreement with the Company shall govern the treatment of the Performance Units in the event of Grantee’s termination of employment by reason of death, Disability or any other reason.
5. Change in Control. If a Change in Control occurs during the Performance Period and while Grantee remains employed, then the number of Performance Units earned (each, a “CIC Earned Unit”) shall be the greater of (A) the number of Performance Units that would have been earned based on actual performance as of the effective date of the Change in Control, as determined by the Committee,
or (B) the Target Award. Fifty percent (50%) of any CIC Earned Units will be converted to actual unrestricted shares (one share per CIC Earned Unit) on the effective date of the Change in Control. The remaining fifty percent (50%) of any CIC Earned Units will be converted to service-based Restricted Stock (one share of Restricted Stock per CIC Earned Unit) on the effective date of the Change in Control. Such Restricted Stock will be subject to the terms and conditions set forth in a Restricted Stock Award Certificate in the form attached hereto as Exhibit B.
6. Restrictions on Transfer and Pledge. No right or interest of Grantee in the Performance Units may be pledged, encumbered, or hypothecated or be made subject to any lien, obligation, or liability of Grantee to any other party other
Terms
and Conditions - Performance Unit Award Certificate (Synergy Performance Share Award - Execs)
2
than the Company or an Affiliate. The Performance Units may not be sold, assigned, transferred or otherwise disposed of by Grantee other than by will or the laws of descent and distribution.
7. Restrictions on Issuance of Shares. If at any time the Committee shall determine, in its discretion, that registration, listing or qualification of the Shares underlying the Performance Units upon any securities exchange or similar self-regulatory organization
or under any foreign, federal, or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to the settlement of the Performance Units, stock units will not be converted to Shares in whole or in part unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee.
8. Limitation of Rights. The Performance Units do not confer to Grantee or Grantee’s beneficiary, executors or administrators any rights of a shareholder of the Company unless and until Shares are in fact issued to such person in connection with the units. Nothing in this Certificate shall interfere with or limit in any way the right
of the Company or any Affiliate to terminate Grantee’s employment at any time, nor confer upon Grantee any right to continue in employment of the Company or any Affiliate.
9. No Entitlement to Future Awards. The grant of the Performance Units does not entitle Grantee to the grant of any additional units or other awards under the Plan in the future. Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the number of units, and vesting provisions.
10. Payment
of Taxes. The Company or any Affiliate employing Grantee has the authority and the right to deduct or withhold, or require Grantee to remit to the employer, an amount sufficient to satisfy federal, state, and local taxes (including Grantee’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the vesting or settlement of the Performance Units. The withholding requirement may be satisfied, in whole or in part, by withholding from the settlement of the stock units Shares having a Fair Market Value on the date of withholding equal to the amount required to be withheld in accordance with applicable tax requirements, all in accordance with such procedures as the Committee establishes. The obligations of the Company under this
Certificate will be conditional on such payment or arrangements, and the Company and, where applicable, its Affiliates will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to Grantee.
11. Amendment. The Committee may amend, modify or terminate this Certificate without approval of Grantee; provided, however, that such amendment, modification or termination shall not, without Grantee’s consent, reduce or diminish the value of this award determined as if it had been fully vested (i.e., as if all restrictions on the Performance Units hereunder had expired) on the date of such amendment or termination.
12. Plan Controls. The terms contained
in the Plan shall be and are hereby incorporated into and made a part of this Certificate and this Certificate shall be governed by and construed in accordance with the Plan. Without limiting the foregoing, the terms and conditions of the Performance Units, including the number of shares and the class or series of capital stock which may be delivered upon settlement of the Performance Units, are subject to adjustment as provided in Article 15 of the Plan. In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Certificate, the provisions of the Plan shall be controlling and determinative. Any conflict between this Certificate and the terms of a written employment, key position, or change-in-control agreement between the Company and Grantee shall be decided in favor of the provisions of such employment, key position, or change-in-control
agreement.
13. Governing Law. This Certificate shall be construed in accordance with and governed by the laws of the State of Georgia, United States of America, regardless of the law that might be applied under principles of conflict of laws. Grantee hereby agrees and submits to the exclusive jurisdiction and venue of the state or federal court in Fulton County, Georgia of competent jurisdiction and waives objection to such jurisdiction or venue.
14. Severability. If any one or more of the provisions contained in this Certificate is deemed to be invalid, illegal or unenforceable, the other provisions of this Certificate will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included.
Terms
and Conditions - Performance Unit Award Certificate (Synergy Performance Share Award - Execs)
3
15. Relationship to Other Benefits. The Performance Units shall not affect the calculation of benefits under any other compensation plan or program of the Company, except to the extent specially provided in such other plan or program.
16. Clawback. Notwithstanding anything to the contrary in this Certificate, the Plan, or any employment, key position, or change-in-control agreement with Grantee, the award granted hereunder
is subject to the provisions of the following clawback policy established by the Committee prior to the grant of the Performance Units hereunder. The Committee may seek to recoup all or any portion of the value of any annual or long-term incentive awards provided to any current or former executive officers in the event that the Company’s financial statements are restated due to the Company’s material noncompliance with any financial reporting requirement under the securities laws (the “Restatement”). The Committee may seek recoupment from any current or former executive officer who received incentive-based compensation, granted after the date hereof, during the three (3) year period preceding the date that the
Company was required to prepare the Restatement. The Committee may seek to recover the amount by which the individual executive's incentive payments exceeded the lower payment that would have been made based on the restated financial results and the Committee may determine whether the Company shall effect such recovery: (i) by seeking repayment from the executive; (ii) by reducing (subject to applicable law and the terms and conditions of the applicable plan, program or arrangement) the amount that would otherwise be payable to the executive under any compensatory plan, program or arrangement maintained by the Company; or (iii) a combination of foregoing. The Grantee hereby acknowledges that this award is subject to the foregoing policy and agrees to make any repayment required in connection
therewith.
17. Notice. Notices and communications hereunder must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to Global Payments Inc., 3550 Lenox Road NE, Suite 3000, Atlanta, Georgia30326; Attn: Corporate Secretary, or any other address designated by the Company in a written notice to Grantee. Notices
to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written notice to the Company.
Terms and Conditions - Performance Unit Award Certificate (Synergy Performance Share Award - Execs)
4
EXHIBIT A
Grantee may earn
a percentage of the Target Award based on the Company’s achievement of Cost Synergy and Revenue Synergy targets (the “Synergy Targets”) by the end of the Performance Period, as follows:
Performance Matrix for Cost Synergies
Degree of Performance Attainment
Cost Synergies
Payout Multiple(1)
Maximum
or Above
$___M
___%*
Target
$___M
___%
Below Target
<$___M
___%
(1)
Payouts between performance levels will be determined based on straight line interpolation.
Performance
Matrix for Revenue Synergies
Degree of Performance Attainment
Revenue Synergies
Payout Multiple(1)
Maximum or Above
$___M
___%*
Target
$___M
___%
Below
Target
<$___M
___%
(1) Payouts between performance levels will be determined based on straight line interpolation
A.
The resulting Payout Multiples for Cost Synergies and Revenue Synergies are averaged together to determine the payout multiple applied to the Target Award (the “Award Payout Multiple”). For example:
•
If
Cost Synergies are achieved at Maximum or Above (Payout Multiple of ___%) and Revenue Synergies are achieved at Target (Payout Multiple of ___%), then the Award Payout Multiple shall be ___%.
B.
However, if target performance is not achieved for either Cost Synergies or Revenue Synergies, then the Payout Multiple on the metric at or above target shall be capped at ___% (i.e. the total maximum overall payout is ___% of Target). For example:
•
If
<$___M in Cost Synergies are achieved, resulting in a Payout Multiple of ___% for Cost Synergies, and $___M in Revenue Synergies are achieved, resulting in a Payout Multiple of ___% for Revenue Synergies, the Payout Multiple for Revenue Synergies will be reduced to ___%, resulting in an Award Payout Multiple of ___%.
C.
The number of Performance Units that shall be earned with respect to the Performance Period (the “Earned Units”) shall be equal to the Target Award multiplied by the Award Payout Multiple. For the avoidance of doubt, no Performance Units shall be earned prior to the Conversion Date.
*
Chief Executive Officer is subject to a maximum payout of ___% of his Target Award.
EXHIBIT B
GLOBAL PAYMENTS INC.
RESTRICTED STOCK AWARD CERTIFICATE
Non-transferable
G R A N T T O
________________________
(“Grantee”)
by Global Payments Inc. (the “Company”) of
___________
shares of its common stock, no par value (the “Shares”) pursuant to and subject to the provisions of the Global Payments Inc. Amended and Restated 2011 Incentive Plan (the “Plan”) and to the terms and conditions set forth on the following pages of this award certificate (the “Terms and Conditions”). By accepting this Award, Grantee shall be deemed to have agreed to the terms and conditions set forth in this Restricted Stock Award Certificate (the “Certificate”) and the Plan.
Unless sooner vested in accordance
with Section 3 of the Terms and Conditions or otherwise in the discretion of the Committee, the restrictions imposed under Section 2 of the Terms and Conditions will expire as to the following percentage of the Shares awarded hereunder, on the following respective dates; provided that Grantee is then still employed by the Company or any of its Affiliates:
Percentage of Shares
Date of Expiration of Restrictions
100%
9/18/2023
IN
WITNESS WHEREOF, Global Payments Inc., acting by and through its duly authorized officers, has caused this Certificate to be executed.
1. Grant of Shares. The Company hereby grants to the Grantee named on the cover page hereof, subject to the restrictions and the other terms and conditions set forth in the Plan and in this Certificate, the number of Shares indicated on the cover page hereof of the Company’s no par value common stock (the “Shares”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan.
2. Restrictions. The Shares are subject to each of the following restrictions. “Restricted Shares” mean those Shares that are subject to the restrictions imposed
hereunder which restrictions have not then expired or terminated. Restricted Shares may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered. If Grantee’s employment with the Company or any Affiliate terminates for any reason other than as set forth in paragraph (b) of Section 3 hereof, then Grantee shall forfeit all of Grantee’s right, title and interest in and to the Restricted Shares as of the date of employment termination, and such Restricted Shares shall revert to the Company. The restrictions imposed under this Section shall apply to all shares of the Company’s Stock or other securities issued with respect to Restricted Shares hereunder in connection with any merger,
reorganization, consolidation, recapitalization, stock dividend or other change in corporate structure affecting the Stock.
3. Expiration and Termination of Restrictions. The restrictions imposed under Section 2 will expire on the earliest to occur of the following (the period prior to such expiration being referred to herein as the “Restricted Period”):
(a)
As to the percentages of the Shares specified on the cover page hereof, on the respective dates specified on the cover page hereof; provided Grantee is then still employed by the Company or an Affiliate; or
(b)
Termination
of Grantee’s employment by reason of death or Disability or, subject to the consent of the Committee, Grantee’s Retirement.
4. Delivery of Shares. The Shares will be registered on the books of the Company in Grantee’s name as of the Grant Date and will be held by the Company during the Restricted Period in certificated or uncertificated form.
If a certificate for Restricted Shares is issued during the Restricted Period with respect to such Shares, such certificate shall be registered in the name of Grantee and shall bear a legend in substantially the following form:
“This certificate and the shares of
stock represented hereby are subject to the terms and conditions (including forfeiture and restrictions against transfer) contained in a Restricted Stock Award Certificate between the registered owner of the shares represented hereby and Global Payments Inc. Release from such terms and conditions shall be made only in accordance with the provisions of such Certificate, copies of which are on file in the offices of Global Payments Inc.”
Stock certificates for the Shares, without the above legend, shall be delivered to Grantee or Grantee’s designee upon request of Grantee after the expiration of the Restricted Period, but delivery may be postponed for such period as may be required for the Company with reasonable diligence to comply if deemed advisable by the
Company, with registration requirements under the Securities Act of 1933, listing requirements under the rules of any stock exchange, and requirements under any other law or regulation applicable to the issuance or transfer of the Shares.
5. Voting and Dividend Rights. Grantee, as beneficial owner of the Shares, shall have full voting and dividend rights with respect to the Shares during and after the Restricted Period. If Grantee forfeits any rights he or she may have under this Certificate in accordance with Section 2, Grantee shall no longer have any rights as a shareholder with respect to the Restricted Shares or any interest therein and Grantee shall no longer be entitled to receive dividends on such stock.
6. No Right of Continued Employment. Nothing in the Plan or this Certificate
or any document executed under either of them shall interfere with or limit in any way the right of the Company or any Affiliate to terminate Grantee’s employment without liability at any time, nor confer upon Grantee any right to continue in the employ of the Company or any Affiliate.
7. No Entitlement to Future Awards. The grant of this Award does not entitle Grantee to the grant of any additional awards under the Plan in the future. Future grants, if any, will be at the sole discretion of the Company.
8. Payment of Taxes. Upon
issuance of the Shares hereunder, Grantee may make an election to be taxed upon such award under Section 83(b) of the Code. The Company or any Affiliate employing Grantee has the authority and the
Terms and Conditions
Restricted Stock Award Certificate
7
right to deduct or withhold, or require Grantee to remit to the employer, an amount sufficient to satisfy federal, state, and local taxes (including Grantee’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the vesting of the Shares. The withholding
requirement may be satisfied, in whole or in part, at the election of the Company’s general counsel, principal financial officer or chief accounting officer, by withholding from the settlement Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such procedures as such officer establishes. The obligations of the Company under this Certificate will be conditional on such payment or arrangements, and the Company and, where applicable, its Affiliates will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to Grantee.
9. Amendment. The
Committee may amend, modify or terminate this Certificate without approval of Grantee; provided, however, that such amendment, modification or termination shall not, without Grantee’s consent, reduce or diminish the value of this award determined as if it had been fully vested (i.e., as if all restrictions on the Restricted Shares hereunder had expired) on the date of such amendment or termination.
10. Plan Controls. The terms contained in the Plan are incorporated into and made a part of this Certificate and this Certificate shall be governed by and construed in accordance with the Plan. Without limiting the foregoing, the Restricted Shares are subject to adjustment as provided in Article 15 of the Plan. In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Certificate, the provisions of the Plan shall be controlling and
determinative. Any conflict between this Certificate and the terms of a written employment, key position, or change-in-control agreement with Grantee that has been approved, ratified or confirmed by the Committee shall be decided in favor of the provisions of such employment, key position, or change-in-control agreement.
11. Governing Law. This Certificate shall be construed in accordance with and governed by the laws of the State of Georgia, United States of America, regardless of the law that might be applied under principles of conflict of laws. Grantee hereby agrees and submits to the exclusive jurisdiction and venue of the state or federal court in Fulton County, Georgia and waives objection to such jurisdiction or venue.
12. Severability. If any one or more of the provisions contained
in this Certificate is deemed to be invalid, illegal or unenforceable, the other provisions of this Certificate will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included.
13. Relationship to Other Benefits. The Shares shall not affect the calculation of benefits under any other compensation plan or program of the Company, except to the extent specially provided in such other plan or program.
14. Clawback. Notwithstanding anything to the contrary in this Certificate, the Plan, or any employment, key position, or change-in-control agreement with Grantee, the award granted hereunder is subject to the provisions of the following clawback policy established
by the Committee prior to the grant of the Restricted Shares hereunder. The Committee may seek to recoup all or any portion of the value of any annual or long-term incentive awards provided to any current or former executive officers in the event that the Company’s financial statements are restated due to the Company’s material noncompliance with any financial reporting requirement under the securities laws (the “Restatement”). The Committee may seek recoupment from any current or former executive officer who received incentive-based compensation, granted after the date hereof, during the three (3) year period preceding the date that the Company was required to prepare the Restatement. The Committee may
seek to recover the amount by which the individual executive's incentive payments exceeded the lower payment that would have been made based on the restated financial results and the Committee may determine whether the Company shall effect such recovery: (i) by seeking repayment from the executive; (ii) by reducing (subject to applicable law and the terms and conditions of the applicable plan, program or arrangement) the amount that would otherwise be payable to the executive under any compensatory plan, program or arrangement maintained by the Company; or (iii) a combination of foregoing. The Grantee hereby acknowledges that this award is subject to the foregoing policy and agrees to make any repayment required in connection therewith.
15. Notice. Notices
and communications hereunder must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to Global Payments Inc., 3550 Lenox Road NE, Suite 3000, Atlanta, Georgia30326, Attn: Corporate Secretary, or any other address designated by the Company in a written notice to Grantee. Notices to Grantee will be directed to the address of Grantee then currently on file with the
Company, or at any other address given by Grantee in a written notice to the Company.
Terms and Conditions
Restricted Stock Award Certificate
8
Dates Referenced Herein and Documents Incorporated by Reference